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Reports Singapore

Singapore stock market and companies daily report (FJ Benjamin, Genting Hong Kong, Ley Choon) (August 25, 2014)

August 25, 2014, Monday, 06:16 GMT | 02:16 EST | 10:46 IST | 13:16 SGT
Contributed by Shares Investment


Singapore’s industrial output is expected to pick up in July, as it likely posted its first month-on-month rise since March, adding to signs that manufacturing activity may have bottomed out after weakening in the second quarter. July’s manufacturing output likely expanded 3.7 percent year-on-year and likely rose 2 percent compared to the previous month.

FJ Benjamin Holdings has reported a net loss of $22.1 million in FY14, as profitability was hard hit by a slowdown in luxury spending in North Asia, deep discounting among Southeast Asia retailers, rising costs in Singapore coupled with a sharp fall in tourist spending by visitors from Indonesia and China. FY14’s revenue fell marginally by 1.4 percent to $368.2 million, on the back decreased contribution from the group’s time piece business in North Asia, particularly in 4Q14.

Genting Hong Kong recorded a 9.7 percent jump in turnover to US$281.6 million in 1H14, mainly attributable to the growth in gaming revenue. Share of profit of associates of US$74.6 million was registered in 1H14 compared to a loss of US$44 million in 1H13. Coupled with a more than two-fold increase in other gains to US$167.1 million, mainly from the sale of equity interest in Norwegian Cruise Line Holdings, net profit surged more than nine-fold to US$216.9 million in 1H14.

Ley Choon Group Holdings reported a 29.7 percent decline in revenue to $26.8 million in 2Q14, mainly attributable to adjustments in revenue previously recognized. Coupled with a 60.4 percent spike in cost of sales to $47.9 million, the group slipped into the red with net loss of $26.1 million in 2Q14. For the six-month period, turnover fell 3.9 percent to $71.7 million and the group posted a net loss of $25 million.

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